Vanguard Municipal Bond Funds
Supplement Dated February 25, 2025, to the Statements of Additional Information Dated
November 19, 2024
Statement of Additional Information Text Changes
In the Management of the Fund(s) section under Portfolio Holdings Disclosure Policies and Procedures, the first sentence of the first paragraph under “Online Disclosure of Complete Portfolio Holdings”
is replaced with the following:
Actively managed equity funds, unless otherwise stated, generally will seek to disclose
complete portfolio holdings as of the end of the most recent calendar quarter online at vanguard.com, 30 calendar days after the end of the calendar quarter. Actively managed fixed income funds will seek to disclose complete portfolio
holdings as of the end of the most recent month online at vanguard.com, 15 calendar days after the end of the month.
Also, in the Management of the Fund(s) section under Portfolio Holdings Disclosure Policies and Procedures, the subsection “Disclosure of Complete Portfolio Holdings to Service Providers Subject
to Confidentiality and Trade Restrictions” is revised to remove Innovation Printing & Communications and Intelligencer
Printing Company as Service Providers. Within the same subsection, Confluence Technology Inc.; Intellicor, LLC;
Phoenix Lithographing Corporation; and Schvey, Inc. d/b/a Axoni are added as Service Providers.
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